Web3 Hub Davos 2024: Impact Thursday Recap
Impact Thursday at the Web3 Hub Davos delved into the utility of blockchain in addressing some of the world's largest challenges. The day showcased over 30 blockchain solutions tailored for both industry and humanity. Some of these served as stark reminders of the need to implement solutions immediately to impact the world’s global welfare. Here are our 7 key takeaways that encapsulate the insights from Impact Thursday.
1. Emergence of Collaboration
Hedera operates under the governance of leading global organizations, collaboratively shaping the future. A consortium of up to 39 collusion-resistant entities spearheads the Hedera network, demonstrating unwavering dedication to innovation, stability, and ongoing decentralization. Steering Hedera's innovation programs, the Hashgraph Association showcased several noteworthy projects at the Web3 Hub Davos, serving as a testament to the association's resolve. Featured initiatives encompassed the Hedera Stablecoin Studio, OXÏ-ZEN, Blade Labs, and more. Notable speakers in the illuminating Hedera session included Kamal Youssefi of The Hashgraph Association, Yat Siu of Animoca Brands, Leemon Baird of Swirlds Labs, and Karel Janeček of Institute H21.
2. Hashgraph’s Inspiring Project Portfolio
Throughout the day, various projects were put in the spotlight, including Institute H21 and Aidra Tech. During a fireside chat, Leemon Baird (Swirlds Labs) emphasized the overarching goal of blockchain technology, which is to eliminate the need to trust any individual, relying instead on the collective integrity of the group. Karel Janeček (Institute H21) introduced a parametric system he designed for making collective decisions in scenarios involving a massive number of participants. The idea is that voters can select a top three rather than picking just one candidate, creating a system that fosters consensus rather than division.
Aziz Slassi of Aidra Tech presented that the world is consuming resources at a rate 1.7 times faster than what the Earth can renewably produce. He stated that if current trends continue unchecked, by 2050, we will require the equivalent of 2.5 Earths to sustain. Aidra, which is using Hedera blockchain technology, offers comprehensive technology solutions, including transparent traceability for every feedstock. Aidra was just one of the pioneering solution providers who made Impact Thursday a day for decision-makers intending to contribute to environmental transparency and sustainability.
3. Cybersecurity & Critical Infrastructure
The afternoon roundtable sessions, brought by the Internet Computer (DFINITY), explored cybersecurity in the Web3 space. Kicking off the session was Dominic Williams, Founder & Chief Scientist of DFINITY, who looked at "Cypherspace as Cloud: Internet Computer". Dominic outlined the Internet Computer's "chain-key technology" and its ability to replace private keys in signing transactions, enabling smart contracts to operate seamlessly across different blockchains.
Cybersecurity & blockchain were the next topics on the cards, where Michael Peterer of Cyber Command, Dominic Williams, Michele Federici of sig9.ch, Tima Soni of United Nations/UNICC, and Danil Kerimi of SealSQ discussed the future of cybersecurity in critical infrastructure. After a thought-provoking debate, the panelists concluded that there needs to be a balance between traditional and blockchain-based solutions. They emphasized the importance of investment in people, processes, and governance, not solely relying on blockchain but integrating it as part of a comprehensive cybersecurity strategy.
4. Blockchain's Impact on Industry Evolution
Impact Thursday highlighted the transformative influence of blockchain technology on various established industries, demonstrating how the technology is helping traditional industries to create new and expanded service offerings. In the telecommunications sector, Moflix is enabling telcos to take a prominent role in the next generation of digital services. Moflix introduces features like Web3 asset management through digital wallets and secure digital identity credentials. In the sports industry, the focus is on fan engagement with Sphera World, a Web3 platform that elevates fan experiences by connecting them with their favorite teams and players. These instances showcase the wide-ranging applications of blockchain in recreating and enhancing traditional industry landscapes.
5. Empowering Financial Inclusion
In a panel discussion moderated by Eduard Peris Deprez, CEO of Impact Plus, the focus was on the transformative impact of Web3 technologies in developing regions. Guilherme Murtinho highlighted Transfero's active role in Latin America, while Myriam Reinle, CEO of SWIC DIGITAL, shared news about their recent savings and investment launch in Southeast Asia. Gurvinder Ahluwalia, Founder & CEO of Digital Twin Labs, explained their collaborative approach to co-creating platforms, protocols, marketplaces, applications, and token-based ventures. The common thread among the panelists was the recognition of blockchain technology's power in strengthening financial inclusion and enabling global investment opportunities for diverse and previously excluded populations.
6. Investing in Africa
A closed investor session to consider navigating investment horizons in Africa concluded the week of events at the Web3 Hub Davos. Africa is the continent with the youngest global population, rich in talent, and already the fastest crypto-adopting region globally. Participants heard from pioneers that included CV VC Africa, Emurgo, Nodo, Africa Unlimited, Lisk, and Polygon, organizations that are at the heart of building, managing & supporting networks, projects & investments for the African continent. Participants indicated that a key to success in Africa is a collaborative approach between industry players to attain shared intentions and a unified blockchain voice across the continent’s 54 countries.
7. Blockchain is more than Technology
The four days at the Web3 Hub Davos exemplified that blockchain transcends mere technology; it's a transformative paradigm reshaping industries. Beyond its technical underpinnings, blockchain embodies principles of trust, transparency, and decentralization. It's a catalyst for redefining how we interact, share information, and conduct transactions, emphasizing security and accountability. Blockchain's socio-economic impact extends to inclusivity, empowering marginalized communities with financial access. It symbolizes a shift toward equitable, trust-based systems, disrupting traditional models. Embracing blockchain means acknowledging its capacity to redefine not just technological infrastructures but also societal and economic structures on a global scale.
The Web3 Hub Davos facilitated the convening of innovators shaping a better future on the rails of blockchain technology and applauded the rapid strides of these decentralized pioneers in determining a better future for humanity.